1 00:00:02,279 --> 00:00:07,440 Speaker 1: This is the primal scream of a dying regime. Pray 2 00:00:07,520 --> 00:00:10,960 Speaker 1: for our enemies because we're going to medieval on these people. 3 00:00:12,160 --> 00:00:14,800 Speaker 1: You've not got a free shot. All these networks lying 4 00:00:15,560 --> 00:00:17,800 Speaker 1: about the people, the people have had a belly full 5 00:00:17,840 --> 00:00:19,919 Speaker 1: of it. I know you don't like hearing that. I 6 00:00:19,960 --> 00:00:21,239 Speaker 1: know you tried to do everything in the world to 7 00:00:21,239 --> 00:00:22,759 Speaker 1: stop that, but you're not going to stop it. It's 8 00:00:22,800 --> 00:00:25,120 Speaker 1: going to happen. And where do people like that go 9 00:00:25,280 --> 00:00:26,720 Speaker 1: to share the big line? 10 00:00:27,240 --> 00:00:28,480 Speaker 2: Mega media? 11 00:00:28,640 --> 00:00:31,720 Speaker 1: I wish in my soul, I wish that any of 12 00:00:31,760 --> 00:00:35,559 Speaker 1: these people had a conscience. Ask yourself, what is my 13 00:00:35,720 --> 00:00:39,280 Speaker 1: task and what is my purpose? If that answer is 14 00:00:39,320 --> 00:00:44,240 Speaker 1: to save my country, this country will be saved. Or 15 00:00:45,159 --> 00:00:51,720 Speaker 1: use your host Stephen k Maas. Okay, it's Monday twenty 16 00:00:51,720 --> 00:00:54,920 Speaker 1: eight April. You're of Alert twenty twenty five. Welcome. We 17 00:00:54,920 --> 00:00:56,680 Speaker 1: were going to go to Rome, but we have been 18 00:00:56,800 --> 00:00:59,560 Speaker 1: harnwell ahead of our international peer working on something. Will 19 00:00:59,600 --> 00:01:01,959 Speaker 1: be with us momentarily. Here's what I would like to do. 20 00:01:02,640 --> 00:01:04,160 Speaker 1: I would like to if we can do this, I 21 00:01:04,200 --> 00:01:09,160 Speaker 1: want to play freed Zakara and uh and Ray daly 22 00:01:09,319 --> 00:01:11,160 Speaker 1: O from you said, let me let me tee this 23 00:01:11,240 --> 00:01:14,720 Speaker 1: up because I plays a qute open last time? Who's 24 00:01:14,800 --> 00:01:18,040 Speaker 1: Ray Dalya? Ray Dalyo runs the largest hedge front of 25 00:01:18,080 --> 00:01:23,080 Speaker 1: the world, Bridgewater. His deputy McCormick brother, Dave McCormick West 26 00:01:23,080 --> 00:01:25,800 Speaker 1: Point Grid. Dave McCormick is now the United States, is 27 00:01:25,840 --> 00:01:29,120 Speaker 1: now in the United States Senate for U is now 28 00:01:29,120 --> 00:01:34,000 Speaker 1: in the United States Senate from Pennsylvania. Can we get 29 00:01:34,000 --> 00:01:37,639 Speaker 1: this organized? Is it gonna give us? Okay the hangover? 30 00:01:37,680 --> 00:01:37,920 Speaker 3: Second? 31 00:01:37,959 --> 00:01:44,800 Speaker 1: I played yet Daalio was on yesterday with Freed Zakara 32 00:01:45,680 --> 00:01:47,560 Speaker 1: for Freeds of Car. You know, it comes out with 33 00:01:47,600 --> 00:01:50,120 Speaker 1: his whole point of view on GPS, and they're talking 34 00:01:50,120 --> 00:01:52,200 Speaker 1: about the economy and the stock market, all this stuff. 35 00:01:53,520 --> 00:01:56,400 Speaker 1: He's got Zandy on, who's the head of the economist, 36 00:01:56,600 --> 00:01:58,440 Speaker 1: and she's going in with her things, the tariffs and 37 00:01:58,440 --> 00:02:02,320 Speaker 1: trade everything but boom. And this is kind of when 38 00:02:02,360 --> 00:02:05,440 Speaker 1: I talked to the World Economic Conference in New Davos 39 00:02:05,440 --> 00:02:07,440 Speaker 1: in DC, put on by Somemerpore last week. I was 40 00:02:07,480 --> 00:02:11,200 Speaker 1: in front of those folks and and Ben Smith asked 41 00:02:11,240 --> 00:02:13,280 Speaker 1: me the first question, well, all this turbulence in this 42 00:02:13,400 --> 00:02:17,840 Speaker 1: stock marks, I said, dude, it's a casino. However, the 43 00:02:17,840 --> 00:02:21,800 Speaker 1: casino moves in the next role of the roulette table 44 00:02:22,040 --> 00:02:25,080 Speaker 1: doesn't matter in the media gets so obsessed with this 45 00:02:25,120 --> 00:02:26,680 Speaker 1: because now this is their new thing. He's got They 46 00:02:26,760 --> 00:02:30,760 Speaker 1: got to get something else. The signal chat doesn't work. 47 00:02:31,639 --> 00:02:33,920 Speaker 1: They all got to go. So Ray Dally was on 48 00:02:34,000 --> 00:02:36,840 Speaker 1: there and we're gonna play it again. You'll hear. You'll 49 00:02:36,880 --> 00:02:43,880 Speaker 1: hear what Ray has to say. He completely rips on 50 00:02:44,560 --> 00:02:48,400 Speaker 1: freeze Car's question. He says, you're missing the point, Kid Boom, 51 00:02:48,520 --> 00:02:52,200 Speaker 1: It's all about that. He preaches the gospel of the 52 00:02:52,240 --> 00:02:55,560 Speaker 1: worm and this guy has is not a fan of 53 00:02:55,600 --> 00:02:57,679 Speaker 1: Stephen K. Bannon and certainly not a fan of the 54 00:02:57,720 --> 00:02:58,920 Speaker 1: warm Let's go in and play it again. 55 00:03:02,000 --> 00:03:04,799 Speaker 4: It reflects what Annie was saying and says that all 56 00:03:04,840 --> 00:03:09,679 Speaker 4: of this produces huge risks. We expect policy induced slow down, 57 00:03:09,840 --> 00:03:14,440 Speaker 4: including probability or a recession. The FED is going to 58 00:03:14,480 --> 00:03:17,600 Speaker 4: be less able to handle this, and so there are 59 00:03:18,040 --> 00:03:21,880 Speaker 4: risks of stagflation, the combination of slow growth and inflation. 60 00:03:22,560 --> 00:03:27,480 Speaker 4: US corporates under threat. They see exceptional risks to US assets. 61 00:03:27,520 --> 00:03:28,560 Speaker 4: Would you agree with that? 62 00:03:31,400 --> 00:03:34,240 Speaker 2: Buy a large detagree that. I don't think it covers 63 00:03:34,480 --> 00:03:37,640 Speaker 2: what's going on. So let me just clarifying We have 64 00:03:37,720 --> 00:03:40,520 Speaker 2: a problem with the debt. We have a problem with 65 00:03:40,760 --> 00:03:44,000 Speaker 2: internal order democracy as where we know it the system. 66 00:03:44,400 --> 00:03:48,400 Speaker 2: We have a problem of the geopolitical order, rising power, 67 00:03:48,520 --> 00:03:52,400 Speaker 2: challenging and existing power in that global environment. These things 68 00:03:52,440 --> 00:03:56,480 Speaker 2: exist as the backdrop of this set of circumstances. Now 69 00:03:56,560 --> 00:04:00,840 Speaker 2: there's been volatility, there's been yes, my opinion. 70 00:04:01,600 --> 00:04:03,120 Speaker 4: I guess what I'm trying to get at is that 71 00:04:04,600 --> 00:04:09,120 Speaker 4: you seem to be reluctant to comment directly, not come 72 00:04:09,200 --> 00:04:09,720 Speaker 4: it directly. 73 00:04:09,960 --> 00:04:11,520 Speaker 1: What are the effects of. 74 00:04:11,640 --> 00:04:15,440 Speaker 4: The Trump administration's policies in the last one hundred days economically. 75 00:04:17,120 --> 00:04:21,320 Speaker 2: The effects of those policies economically is to bring to 76 00:04:21,400 --> 00:04:25,800 Speaker 2: the surface issues about the polarity that exists. And at 77 00:04:25,839 --> 00:04:30,760 Speaker 2: the same time, it's doing it in a volatile way 78 00:04:30,839 --> 00:04:34,039 Speaker 2: that is causing that is causing trouble in terms of 79 00:04:34,080 --> 00:04:37,760 Speaker 2: the volatility of that. So it is dealing with problems, 80 00:04:38,160 --> 00:04:41,240 Speaker 2: and at the same time it is the way it 81 00:04:41,360 --> 00:04:46,440 Speaker 2: is dealing with problems could be done more smoothly, more cooperatively, 82 00:04:46,560 --> 00:04:48,520 Speaker 2: to produce a less volatile result. 83 00:04:49,520 --> 00:04:51,640 Speaker 4: Zannie, let me ask you, you said, we're still let 84 00:04:51,640 --> 00:04:54,200 Speaker 4: me ask you about something you know a lot about, 85 00:04:54,320 --> 00:04:58,919 Speaker 4: because right now the deadlock the most important deadlock is 86 00:04:58,920 --> 00:05:01,839 Speaker 4: a US China debt, where in order to get the 87 00:05:02,000 --> 00:05:03,080 Speaker 4: worldly cost to doing more. 88 00:05:03,160 --> 00:05:04,720 Speaker 1: For a second, this one's so good, I want to 89 00:05:04,720 --> 00:05:08,120 Speaker 1: play it separately. I don't think that gets to the 90 00:05:08,200 --> 00:05:10,720 Speaker 1: to the problem. He tells a guy in his own 91 00:05:10,720 --> 00:05:14,920 Speaker 1: show that is not supposed to happen, and free to 92 00:05:14,960 --> 00:05:17,039 Speaker 1: tease it up with that whole, the whole. Oh, you 93 00:05:17,160 --> 00:05:20,000 Speaker 1: got the trade, tariffs and trade. It's everything they can 94 00:05:20,040 --> 00:05:25,920 Speaker 1: see of the moment. Let me give you some stats anytime, 95 00:05:25,960 --> 00:05:28,200 Speaker 1: like Zandi starts off. So the economy is doing so good, 96 00:05:29,160 --> 00:05:33,160 Speaker 1: as ray Dally just said, it's a debt financed economy 97 00:05:33,200 --> 00:05:36,599 Speaker 1: on federal spending. The model we're on right now is 98 00:05:36,839 --> 00:05:40,440 Speaker 1: not sustainable, full stop. I want to know what everybody 99 00:05:40,440 --> 00:05:43,640 Speaker 1: off of that model is, because this is what's killing 100 00:05:43,760 --> 00:05:46,400 Speaker 1: the working class. This is what's killing the middle class. 101 00:05:46,400 --> 00:05:50,000 Speaker 1: This is why nine million people have two jobs. This 102 00:05:50,080 --> 00:05:52,200 Speaker 1: is why the one point four trillion dollars a credit 103 00:05:52,240 --> 00:05:55,800 Speaker 1: card debt ten percent of its non performing. This is 104 00:05:55,800 --> 00:05:59,840 Speaker 1: why you haven't had a wage increase. Dave Bret just 105 00:06:00,080 --> 00:06:03,960 Speaker 1: with the twos to the next thirty years projected growth 106 00:06:03,960 --> 00:06:07,800 Speaker 1: the United States or America economy by CBO Congressional Budget 107 00:06:07,800 --> 00:06:13,480 Speaker 1: Office two percent. That two percent also includes the federal spending. 108 00:06:13,520 --> 00:06:16,120 Speaker 1: If you took the federal spending out the last five years, 109 00:06:16,200 --> 00:06:19,320 Speaker 1: you have negative growth. You're in a recession. The recession 110 00:06:19,360 --> 00:06:23,640 Speaker 1: started years ago, and now it's getting to the point 111 00:06:23,720 --> 00:06:28,040 Speaker 1: that it can't sustain itself. Why with these crooks over 112 00:06:28,080 --> 00:06:30,240 Speaker 1: here on Capitol Hill and the Federal Reserve where they 113 00:06:30,279 --> 00:06:32,800 Speaker 1: contained to print money. Hell, all day long they jam 114 00:06:32,800 --> 00:06:37,359 Speaker 1: it down. Who's resisting it? The bricks nations. Remember, the 115 00:06:37,400 --> 00:06:40,719 Speaker 1: greatest export that the country has is the dollar, where 116 00:06:40,760 --> 00:06:44,719 Speaker 1: the prime reserve currency. If you want to give to 117 00:06:44,760 --> 00:06:47,240 Speaker 1: a convent in Sub Saharan Africa, or do a drug 118 00:06:47,279 --> 00:06:51,400 Speaker 1: deal in Thailand, you converted into dollars and everything in between. 119 00:06:53,120 --> 00:06:56,120 Speaker 1: It's the greatest export we have. The entire post war 120 00:06:56,200 --> 00:07:00,560 Speaker 1: international rules based order is predicated upon Breton Woods. Yes, 121 00:07:00,880 --> 00:07:06,200 Speaker 1: a ton of institutions, right, they're set up, International Monetary Fund, 122 00:07:06,600 --> 00:07:11,200 Speaker 1: World Bank, trade deals, all of it, but all predicated 123 00:07:11,400 --> 00:07:16,080 Speaker 1: upon the US dollar. It's the US dollars purchasing power 124 00:07:16,120 --> 00:07:19,360 Speaker 1: that continues to drop that has the nations of the 125 00:07:19,400 --> 00:07:23,080 Speaker 1: world the bricks Brazil, Russia, India, China, South Africa plus 126 00:07:23,080 --> 00:07:28,240 Speaker 1: now Saudi Arabia, everybody else, all those people, every one 127 00:07:28,360 --> 00:07:31,200 Speaker 1: of those central banks. You know what they got plenty 128 00:07:31,240 --> 00:07:33,440 Speaker 1: of young people that went to Harvard Business School. It 129 00:07:33,480 --> 00:07:36,040 Speaker 1: can work an HP twelve C computer and can do 130 00:07:36,160 --> 00:07:39,000 Speaker 1: discount of cash flow and say, hey, guess what the 131 00:07:39,320 --> 00:07:42,240 Speaker 1: Americans are scoring us. The American elite are scoring us 132 00:07:42,920 --> 00:07:46,920 Speaker 1: because they continue to run these massive budget deficits to 133 00:07:47,080 --> 00:07:51,920 Speaker 1: cover themselves. You also simultaneously have the greatest concentrational wealth 134 00:07:52,080 --> 00:07:55,280 Speaker 1: in mankind's history. Starting in two thousand and eight in 135 00:07:55,320 --> 00:07:59,960 Speaker 1: the financial collapse under the most progressive president in American history, 136 00:08:00,120 --> 00:08:05,400 Speaker 1: Barack Obama, who was convinced by Geidner and Bernanke and 137 00:08:05,440 --> 00:08:07,600 Speaker 1: of course all of his sponsors on Wall Street, the 138 00:08:07,600 --> 00:08:09,560 Speaker 1: lords of easy money. Oh you got to bail it 139 00:08:09,560 --> 00:08:12,440 Speaker 1: out that way. Hell, he's a constitutional lawyer. You read 140 00:08:12,480 --> 00:08:15,720 Speaker 1: David Suskin's book Confidence Man. Obama tried to make the 141 00:08:15,720 --> 00:08:18,640 Speaker 1: best decisions he could, but he was overwhelmed by neoliberal 142 00:08:18,720 --> 00:08:21,920 Speaker 1: neo cons who said, guess what, we need to do this. 143 00:08:21,960 --> 00:08:25,120 Speaker 1: We need to bail at everybody except the American working class, 144 00:08:25,760 --> 00:08:28,920 Speaker 1: in the amer in the American middle class. In fact, 145 00:08:29,880 --> 00:08:32,079 Speaker 1: since I had Chris Lendard on on Friday, you writing 146 00:08:32,120 --> 00:08:35,840 Speaker 1: that new book about the Defense Department. Leonard went back. 147 00:08:36,600 --> 00:08:38,640 Speaker 1: This is why he's so good. He went back to 148 00:08:41,760 --> 00:08:45,720 Speaker 1: all the inner workings of the Federal Reserve. Those notes 149 00:08:45,760 --> 00:08:48,319 Speaker 1: from the governor's meetings are only put out ten years 150 00:08:48,360 --> 00:08:51,200 Speaker 1: after they happened. He went back and read all of 151 00:08:51,240 --> 00:08:54,720 Speaker 1: them from two thousand and eight. It was the governor 152 00:08:54,840 --> 00:08:59,720 Speaker 1: of Dallas, the Dallas fed who sat there and said, 153 00:09:00,080 --> 00:09:03,000 Speaker 1: when you go to zero interest rates or negative interest rates, 154 00:09:03,080 --> 00:09:04,880 Speaker 1: it's the working class and middle class are going to 155 00:09:04,920 --> 00:09:07,319 Speaker 1: get screwed because they're a little checking account and they're 156 00:09:07,360 --> 00:09:09,319 Speaker 1: saving the account the things that my dad had all 157 00:09:09,360 --> 00:09:13,080 Speaker 1: his life. They have no interest. You have no ability 158 00:09:13,120 --> 00:09:17,480 Speaker 1: to have capital formation as a working class of middle 159 00:09:17,480 --> 00:09:19,520 Speaker 1: class people. None. He says, we're going to do this. 160 00:09:19,600 --> 00:09:22,199 Speaker 1: He says, we're going to bail out the entire system 161 00:09:22,520 --> 00:09:24,600 Speaker 1: on the backs of the working class and middle class. 162 00:09:24,600 --> 00:09:26,840 Speaker 1: You know what they said. They voted eleven to one. Hey, 163 00:09:26,840 --> 00:09:30,240 Speaker 1: thanks for your input. I think he actually actually voted 164 00:09:30,240 --> 00:09:32,280 Speaker 1: from a couple of times so they could show unanimity, 165 00:09:32,320 --> 00:09:37,920 Speaker 1: But he fought it in these meetings. The entire financial system, 166 00:09:38,000 --> 00:09:41,360 Speaker 1: the entire financial system rest on your shoulders. You're the 167 00:09:41,360 --> 00:09:44,040 Speaker 1: full faith and credit to this. It ain't the Federal Reserve, 168 00:09:44,240 --> 00:09:49,360 Speaker 1: it's not the SEC. It's not Congress. When people say, well, 169 00:09:49,360 --> 00:09:53,120 Speaker 1: why is the market here to liquid? Why do people investor? Hey, 170 00:09:53,920 --> 00:09:56,319 Speaker 1: in the City of London, they got the same types 171 00:09:56,320 --> 00:09:58,720 Speaker 1: of restrictions basically we have here in the United States. 172 00:09:58,760 --> 00:10:01,840 Speaker 1: You go to Singapore, see the same type. Frankfurt, Tokyo 173 00:10:02,160 --> 00:10:05,040 Speaker 1: a little different, but about saying the regulatory apparatus is 174 00:10:05,040 --> 00:10:09,320 Speaker 1: about the same. Slightly different, but about the same. Here. 175 00:10:09,360 --> 00:10:10,960 Speaker 1: People put their money in the know they're going to 176 00:10:10,960 --> 00:10:14,640 Speaker 1: get their money back. Why. It's the It's the little platoons, 177 00:10:15,559 --> 00:10:19,480 Speaker 1: It's the little platoons of Burke, It's the associations, it's 178 00:10:19,559 --> 00:10:23,480 Speaker 1: little League. It's the churches. It's the doctors, the nurses, 179 00:10:23,520 --> 00:10:26,959 Speaker 1: the first responders, it's everything that makes small town America work. 180 00:10:27,720 --> 00:10:30,000 Speaker 1: That is the backbone of the nation. That is the 181 00:10:30,040 --> 00:10:33,320 Speaker 1: full faith and credit of the United States government. It's you. 182 00:10:34,120 --> 00:10:36,600 Speaker 1: And let me give you another newsflash. You get screwed 183 00:10:36,760 --> 00:10:40,480 Speaker 1: every day of your life living in broad daylight. Don't 184 00:10:40,559 --> 00:10:43,160 Speaker 1: think they're not going up to Scott Beson's office today 185 00:10:43,200 --> 00:10:46,920 Speaker 1: to work out a deal that benefits you. Because they're not. Okay, 186 00:10:47,240 --> 00:10:50,640 Speaker 1: they're not making any real cuts to federal spending none 187 00:10:50,920 --> 00:10:53,040 Speaker 1: with everything. And here's the tell. You know what the 188 00:10:53,080 --> 00:10:55,719 Speaker 1: tell is the dead ceiling way to what they ask for. 189 00:10:55,760 --> 00:10:58,240 Speaker 1: In the dead ceiling, it's gonna be five trillion dollars. 190 00:10:58,280 --> 00:11:00,400 Speaker 1: I'm picking a random number. It's gonna be five treeon 191 00:11:00,440 --> 00:11:02,760 Speaker 1: dollars that it's going to be in two years. So 192 00:11:02,760 --> 00:11:05,000 Speaker 1: if it's five trillion dollars, understand, we're going to go 193 00:11:05,000 --> 00:11:09,520 Speaker 1: from thirty seven to forty two pretty quickly. Okay. And 194 00:11:09,640 --> 00:11:12,720 Speaker 1: they're not going to cut defence spending. We just passed 195 00:11:12,720 --> 00:11:16,920 Speaker 1: an end a National Defense Authorization Act at nine hundred 196 00:11:17,120 --> 00:11:21,760 Speaker 1: billion dollars, and in this reconciliation, the big beautiful Bill, 197 00:11:21,960 --> 00:11:25,720 Speaker 1: they're going to throw another one hundred and fifty billion dollars. 198 00:11:26,120 --> 00:11:29,840 Speaker 1: That's over a trillion dollars. And I love Pete Hegseeth, 199 00:11:29,920 --> 00:11:31,960 Speaker 1: but when Pete Hexad puts out a tree dollar fense 200 00:11:32,000 --> 00:11:35,040 Speaker 1: page all caps, I'm not feeling good. I'm not feeling 201 00:11:35,040 --> 00:11:38,440 Speaker 1: like it got control of the building. Here's why has 202 00:11:38,480 --> 00:11:42,480 Speaker 1: prisident Trump just not walked us through a complete reorganization 203 00:11:43,160 --> 00:11:48,200 Speaker 1: geo political, geostrategic reorganization, from Greenland to the Panama Canal, 204 00:11:48,640 --> 00:11:50,760 Speaker 1: from the west Central Pacific all the way to the 205 00:11:50,760 --> 00:11:55,760 Speaker 1: three island chain leading up to East Asia. Is that 206 00:11:55,920 --> 00:11:59,560 Speaker 1: not actually the hemispheric defense in the United States of America. 207 00:12:00,080 --> 00:12:02,240 Speaker 1: We're finally off the Eurasian land masks. We don't have 208 00:12:02,280 --> 00:12:05,080 Speaker 1: to get into these endless wars that we've been in 209 00:12:05,520 --> 00:12:07,839 Speaker 1: that all of a sudden, Hey, the Russian Army is 210 00:12:07,880 --> 00:12:11,120 Speaker 1: your problem, NATO. We're there to help, but that's your problem. Yes, 211 00:12:11,200 --> 00:12:13,319 Speaker 1: we'll help sort out the Ukraine. I think today just 212 00:12:13,360 --> 00:12:15,880 Speaker 1: announce this is going to be I think May eighth, 213 00:12:16,200 --> 00:12:19,040 Speaker 1: which would be I think the eightieth anniversary of what 214 00:12:19,080 --> 00:12:23,480 Speaker 1: the Russians take as their victory in the Great War 215 00:12:23,600 --> 00:12:26,400 Speaker 1: against the Fascist as they will do a cease fire. 216 00:12:26,440 --> 00:12:28,840 Speaker 1: I think that's what we're hearing right now. But that's 217 00:12:28,840 --> 00:12:31,440 Speaker 1: all kind of the give and take of daily news. 218 00:12:31,720 --> 00:12:34,960 Speaker 1: The important thing here is that for America to be 219 00:12:35,040 --> 00:12:37,520 Speaker 1: safe and to get a defense budget that doesn't drive 220 00:12:37,600 --> 00:12:41,240 Speaker 1: us into bankruptcy, because you are not going to be 221 00:12:41,360 --> 00:12:46,920 Speaker 1: able to touch social programs until you get cuts in defense. 222 00:12:47,320 --> 00:12:50,480 Speaker 1: And people up there right now are selling you a 223 00:12:50,520 --> 00:12:53,760 Speaker 1: bill of goods. Here's the way the math works, and 224 00:12:53,800 --> 00:12:56,360 Speaker 1: the only way the math works. Scott Besting laid it 225 00:12:56,400 --> 00:12:58,599 Speaker 1: out six and a half percent. We're at six and 226 00:12:58,640 --> 00:13:01,600 Speaker 1: a half or seven percent right now of deficit budget 227 00:13:01,640 --> 00:13:04,959 Speaker 1: deficits to GDP. It's not sustainable. The bricks nations, the 228 00:13:05,480 --> 00:13:07,960 Speaker 1: bond market is going to get a vote. Just like 229 00:13:08,040 --> 00:13:10,960 Speaker 1: LIFs Trust got turfed out, the bond market is going 230 00:13:11,000 --> 00:13:13,760 Speaker 1: to reject with Ray Dally and I was saying that 231 00:13:13,840 --> 00:13:16,160 Speaker 1: you're going to have a bond doctu. Remember two weeks 232 00:13:16,160 --> 00:13:18,160 Speaker 1: ago we had this big freeze up. The bond market 233 00:13:18,160 --> 00:13:21,120 Speaker 1: froze one morning for a moment. Then Scott Besson had 234 00:13:21,160 --> 00:13:24,920 Speaker 1: to oversee a auction of treasuries that these kind of 235 00:13:24,920 --> 00:13:27,520 Speaker 1: dead figures, folks. We got to sell ten to twelve 236 00:13:27,760 --> 00:13:33,560 Speaker 1: trillion dollars a year to refinance that debt for years 237 00:13:33,559 --> 00:13:36,120 Speaker 1: and years and years. Remember Dick Cheney, deficits don't matter. 238 00:13:37,240 --> 00:13:39,760 Speaker 1: But they don't matter those folks are running them at 239 00:13:39,760 --> 00:13:43,040 Speaker 1: the beginning. But they're certainly going to matter a lot. 240 00:13:43,120 --> 00:13:45,480 Speaker 1: If you're under forty years old, it's going to matter 241 00:13:45,520 --> 00:13:48,440 Speaker 1: a whole lot, because you know what, you're no different 242 00:13:48,520 --> 00:13:51,640 Speaker 1: than a Russian surf. Okay, you don't own anything, and 243 00:13:51,679 --> 00:13:55,040 Speaker 1: you're not going to own anything. You're being buried every 244 00:13:55,120 --> 00:13:59,280 Speaker 1: day by federal spending that helps the oligarchs. This is 245 00:13:59,280 --> 00:14:02,679 Speaker 1: why you've had this great concentration of wealth, right, this 246 00:14:02,800 --> 00:14:06,040 Speaker 1: is obvious, obvious, obvious to anybody. Sure is the turning 247 00:14:06,080 --> 00:14:08,880 Speaker 1: of the earth. We're gonna take a short commercial break. 248 00:14:09,640 --> 00:14:13,680 Speaker 1: Where have we taught this for four years? Birch Gold. Look, 249 00:14:13,720 --> 00:14:16,120 Speaker 1: I was not a gold buck at all. If I 250 00:14:16,320 --> 00:14:18,920 Speaker 1: see this day coming four years ago started the end 251 00:14:18,920 --> 00:14:23,920 Speaker 1: of the dollar Empire six' to three installment is modern monetary. 252 00:14:24,200 --> 00:14:26,960 Speaker 1: Theory now why would a working class and middle class 253 00:14:27,000 --> 00:14:29,680 Speaker 1: audience want to learn about modern monetary? Theory because it 254 00:14:29,760 --> 00:14:33,240 Speaker 1: is the idea that broke the, WORLD a radical idea 255 00:14:33,320 --> 00:14:38,720 Speaker 1: coming from wait for, It, france but adopted By Capitol, 256 00:14:38,800 --> 00:14:43,680 Speaker 1: hill adopted by both. Parties they're both guilty and By Wall. 257 00:14:43,720 --> 00:14:46,920 Speaker 1: Street modern monetary, Theory end of The Dollar. Empire go 258 00:14:46,960 --> 00:14:49,000 Speaker 1: To Birch gold dot com slash ben and also talk 259 00:14:49,040 --> 00:14:52,320 Speaker 1: To philipatrick's. Team short commercial. Break we're going to return 260 00:14:52,360 --> 00:15:02,760 Speaker 1: in just a, Moment. America use your, Host Stephen, Kay, 261 00:15:05,280 --> 00:15:08,760 Speaker 1: Okay we're gonna go To. ROME i Get Dave walship 262 00:15:08,800 --> 00:15:14,200 Speaker 1: because there's a situation In portugal And, spain maybe part 263 00:15:14,200 --> 00:15:16,080 Speaker 1: Of france about. Energy i'm gonna get to in this 264 00:15:16,200 --> 00:15:18,040 Speaker 1: ELECTRICITY i should, Say i'm gonna get to that in a. 265 00:15:18,040 --> 00:15:19,600 Speaker 1: Second let's play the second part of this. 266 00:15:19,760 --> 00:15:23,200 Speaker 4: Radalio let me ask you about something you know a lot, 267 00:15:23,440 --> 00:15:27,240 Speaker 4: about because we are right now the. Deadlock the most 268 00:15:27,240 --> 00:15:30,880 Speaker 4: important deadlock is A Us china, deadlock where in order 269 00:15:30,920 --> 00:15:33,320 Speaker 4: to get the world economy to a more stable, place 270 00:15:33,360 --> 00:15:36,480 Speaker 4: and you wrote this in your post about a beautiful 271 00:15:36,520 --> 00:15:39,920 Speaker 4: rebalancing between THE us And, china you need the two 272 00:15:40,000 --> 00:15:44,240 Speaker 4: sides to start. Talking THE us says they were waiting 273 00:15:44,240 --> 00:15:47,760 Speaker 4: For china to. Call The chinese, say THE us started. 274 00:15:47,800 --> 00:15:51,000 Speaker 4: This you put these tariffs. On, first THE us has 275 00:15:51,040 --> 00:15:56,240 Speaker 4: to reduce the, tariffs then we're willing to. Talk how 276 00:15:56,320 --> 00:15:58,680 Speaker 4: is this going to resolve? Itself my sense is The 277 00:15:58,760 --> 00:16:00,360 Speaker 4: chinese are holding pretty. 278 00:16:00,360 --> 00:16:03,120 Speaker 2: Fun The United states has too much. Debt it cannot 279 00:16:03,200 --> 00:16:06,760 Speaker 2: add to the debt the way it is. Operating it 280 00:16:06,840 --> 00:16:10,960 Speaker 2: is the world's biggest, consumer largely financed by government. Debt 281 00:16:11,040 --> 00:16:14,080 Speaker 2: in the way that it's, Operating china is the biggest. 282 00:16:14,120 --> 00:16:18,880 Speaker 2: Producer they produce a lot of, goods more than The United. 283 00:16:18,920 --> 00:16:22,760 Speaker 2: States japan And germany combined in manufactured goods and they 284 00:16:22,760 --> 00:16:25,720 Speaker 2: put it out and they save too much and they 285 00:16:25,720 --> 00:16:29,920 Speaker 2: buy the. Dollars we cannot continue this debt money. Problem 286 00:16:30,120 --> 00:16:32,360 Speaker 2: we have a we're at the end of a debt 287 00:16:32,400 --> 00:16:32,920 Speaker 2: money world. 288 00:16:33,080 --> 00:16:36,560 Speaker 4: Order so how are we going to get the negotiation. 289 00:16:36,080 --> 00:16:43,480 Speaker 2: As only it is only through, cooperation, calmness and analytical 290 00:16:43,560 --> 00:16:49,160 Speaker 2: work in which we recognize that these imbalances are. Unsustainable 291 00:16:49,400 --> 00:16:52,960 Speaker 2: they're not just financially. Unsustainable in a world that is 292 00:16:53,040 --> 00:16:57,560 Speaker 2: near war that there could, be there cannot be mutual. 293 00:16:57,600 --> 00:17:01,280 Speaker 2: Dependencies and so how that is done together is the 294 00:17:01,320 --> 00:17:02,040 Speaker 2: most important. 295 00:17:02,040 --> 00:17:04,080 Speaker 1: Thing, okay let me do let me ask you about. 296 00:17:04,080 --> 00:17:09,560 Speaker 1: It another thing That dalio Ray dahalio is the apostle of. Coupling, right, 297 00:17:09,640 --> 00:17:14,200 Speaker 1: Coupling we hear of the apostle of. Decoupling and here's. 298 00:17:14,240 --> 00:17:18,320 Speaker 1: Why let's go. Back i've told this economic form last. 299 00:17:18,359 --> 00:17:24,720 Speaker 1: Week since we The United, states brought them and this 300 00:17:24,800 --> 00:17:27,480 Speaker 1: after tenem and, square since we brought them out of 301 00:17:27,520 --> 00:17:33,360 Speaker 1: being an agrarian backward country and actually built their manufacturing, 302 00:17:33,400 --> 00:17:39,480 Speaker 1: capability they have gained The World Trade, organization they have 303 00:17:39,680 --> 00:17:44,000 Speaker 1: gamed most favored, nation they have gamed And obama cut 304 00:17:44,000 --> 00:17:47,080 Speaker 1: a dew with them on cyber in twenty. Fifteen they 305 00:17:47,080 --> 00:17:50,840 Speaker 1: didn't live up to anything on, That. Okay then The 306 00:17:50,880 --> 00:17:54,840 Speaker 1: Hong kong situation in early, nineteen they totally walked away from, 307 00:17:54,880 --> 00:17:57,160 Speaker 1: that and now they Have Hong kong totally in controls 308 00:17:57,160 --> 00:18:01,520 Speaker 1: Of colomy broke the seventy year deal for two. Years two, 309 00:18:01,600 --> 00:18:07,240 Speaker 1: Years Bob, Leidheiser Peter navarro sat a negotiated deal that 310 00:18:07,320 --> 00:18:09,560 Speaker 1: were taking what we call the Seven deadly sins With 311 00:18:09,680 --> 00:18:13,440 Speaker 1: leehood the Vice premier for two. Years and In may 312 00:18:13,880 --> 00:18:18,800 Speaker 1: of twenty, nineteen after they had their First Belton Road 313 00:18:20,400 --> 00:18:24,520 Speaker 1: CONFERENCE i think In shanghai That putin. Attended she And 314 00:18:24,600 --> 00:18:26,960 Speaker 1: wan She shan, decided if we do this, deal we're 315 00:18:26,960 --> 00:18:32,640 Speaker 1: totally coupled both technologically and commercially to the foreign, devils 316 00:18:33,280 --> 00:18:35,680 Speaker 1: and they will and they will and they will never 317 00:18:35,760 --> 00:18:37,919 Speaker 1: give us the technology we. Need they'll always hold it. 318 00:18:37,960 --> 00:18:41,960 Speaker 1: Back so therefore no deal walked away and Then wuhan 319 00:18:43,160 --> 00:18:46,080 Speaker 1: the virus, started however you want to, say either started 320 00:18:46,119 --> 00:18:48,960 Speaker 1: at the military games In august And, september or it 321 00:18:49,040 --> 00:18:54,199 Speaker 1: started the following or That. December In. November the skinny, 322 00:18:54,240 --> 00:18:56,399 Speaker 1: deal by the, way they signed twenty. Twenty didn't live 323 00:18:56,480 --> 00:18:59,440 Speaker 1: up to anything like. That they have not lived whether 324 00:18:59,520 --> 00:19:05,240 Speaker 1: it Was trump Or obama Or bush Or. Clinton you pick, 325 00:19:05,280 --> 00:19:07,840 Speaker 1: them and you pick any one of the treaties they, 326 00:19:07,880 --> 00:19:11,320 Speaker 1: signed anyone the agreements they, Signed they've never lived up to. 327 00:19:11,520 --> 00:19:16,159 Speaker 1: Anything why they're an economic war with. Us remember in 328 00:19:16,160 --> 00:19:18,240 Speaker 1: the philosophy of Sun, zoo if you have to go, 329 00:19:18,359 --> 00:19:22,080 Speaker 1: kinetic you've already. Lost it's like loss of. Faith they 330 00:19:22,119 --> 00:19:26,480 Speaker 1: also know and they fear the farm devil's ability with 331 00:19:26,600 --> 00:19:32,359 Speaker 1: technology to. Fight so unrestricted warfare is to defeat us 332 00:19:32,400 --> 00:19:38,680 Speaker 1: every other, way cyber, politically, psychologically particularly. Economically and how 333 00:19:38,680 --> 00:19:42,360 Speaker 1: do they do. That they infiltrate our. Institutions, hell half 334 00:19:42,400 --> 00:19:45,439 Speaker 1: the cities on the, payroll the universities are on the. 335 00:19:45,480 --> 00:19:48,439 Speaker 1: Payroll total on the. Payroll here's what we are doe With, 336 00:19:48,480 --> 00:19:52,720 Speaker 1: harvard AND i don't Think President trump's being hard. Enough first, 337 00:19:52,760 --> 00:19:54,840 Speaker 1: OFF i would have not focused on the. Ivys but 338 00:19:54,880 --> 00:19:57,720 Speaker 1: since you, did you, know After, Columbia god bless, YOU 339 00:19:57,800 --> 00:19:59,440 Speaker 1: i would have gone to the public. IVANS i would 340 00:19:59,440 --> 00:20:01,720 Speaker 1: have gone to The Universe michigan and Are arbor AND 341 00:20:01,720 --> 00:20:03,600 Speaker 1: i go on to The university Of medisine In. Wisconsin 342 00:20:03,680 --> 00:20:05,760 Speaker 1: here's the, deal and don't put it all on The 343 00:20:05,840 --> 00:20:08,879 Speaker 1: jewish kids and Anti. Semitism, Right its deeper than. That, 344 00:20:09,000 --> 00:20:10,959 Speaker 1: yes that's a huge, problem but it's deeper than. That 345 00:20:11,440 --> 00:20:15,800 Speaker 1: It's Neo marx's Anti americans on the faculty that have. 346 00:20:15,920 --> 00:20:17,280 Speaker 1: Tenure and here's WHAT i. DO i give them a 347 00:20:17,280 --> 00:20:20,200 Speaker 1: list of two hundred faculty members and two. Hundredministrators we're 348 00:20:20,240 --> 00:20:24,200 Speaker 1: cutting off all federal, money all federal money until they're. 349 00:20:24,240 --> 00:20:26,960 Speaker 1: Gone once they're, gone we'll start bleeding it back. In and, 350 00:20:27,040 --> 00:20:30,400 Speaker 1: oh by the, way all three hundred and fifty Thousand 351 00:20:31,160 --> 00:20:34,480 Speaker 1: chinese nationals students that are here in the country got 352 00:20:34,520 --> 00:20:40,520 Speaker 1: to leave. Immediately The, chinese the independent sources say six 353 00:20:40,680 --> 00:20:44,679 Speaker 1: hundred billion dollars a year are stolen and or forced 354 00:20:44,720 --> 00:20:48,520 Speaker 1: out of intellectual property through joint. Vettures every. Year our 355 00:20:48,560 --> 00:20:51,200 Speaker 1: trade deficits twenty five trillion. Dollars they never want to 356 00:20:51,240 --> 00:20:52,919 Speaker 1: talk about, that you know. Why, oh it's just in the, 357 00:20:53,000 --> 00:20:56,000 Speaker 1: county just a bookkeeping. Issue that's not. True it's not. 358 00:20:56,040 --> 00:21:00,159 Speaker 1: True it's resources coming from this country to overseas who 359 00:21:00,200 --> 00:21:03,359 Speaker 1: pay for the stuff we, buy, okay because we don't manufacture, 360 00:21:03,359 --> 00:21:06,800 Speaker 1: Anythingnymore china, alone THE CCP a loan is eighteen trillion. 361 00:21:06,840 --> 00:21:11,199 Speaker 1: Dollars the deficit on intellectual property is twenty five trillion 362 00:21:11,240 --> 00:21:14,440 Speaker 1: dollars at six hundred billion dollars a. Year and every 363 00:21:14,520 --> 00:21:17,720 Speaker 1: businessman will tell you that to get to get access 364 00:21:17,720 --> 00:21:19,560 Speaker 1: to The chinese market you have to do a joint, 365 00:21:19,640 --> 00:21:21,439 Speaker 1: venture and The george joint venture you got dump all 366 00:21:21,480 --> 00:21:24,640 Speaker 1: your intellectual property into, it which they have free. Access 367 00:21:25,280 --> 00:21:28,719 Speaker 1: much less would they take on industrial. Espionads chinese nationals 368 00:21:28,760 --> 00:21:30,959 Speaker 1: are in the weapons, labs they're in the national, labs 369 00:21:31,119 --> 00:21:34,280 Speaker 1: they're at all the research in the. Universities, hey how 370 00:21:34,320 --> 00:21:37,880 Speaker 1: much very. Simple you have to go home like today 371 00:21:38,359 --> 00:21:42,240 Speaker 1: and you replace them with, okay wait for, IT us, 372 00:21:42,280 --> 00:21:45,320 Speaker 1: citizens how about? That you don't think you break the 373 00:21:45,320 --> 00:21:48,800 Speaker 1: ivories right? Now the ivyley is Particularly. Harvard harvard is 374 00:21:48,880 --> 00:21:51,880 Speaker 1: a cess. Pool there's a report at today the Cut 375 00:21:51,960 --> 00:21:55,680 Speaker 1: are And cutar in The Chinese Cameras party put twenty 376 00:21:56,080 --> 00:22:00,480 Speaker 1: nine billion dollars into the top universe stays in The 377 00:22:00,600 --> 00:22:04,600 Speaker 1: United states twenty nine billion. Dollars think about? That for 378 00:22:04,720 --> 00:22:07,159 Speaker 1: so you buy you a little, access maybe get you 379 00:22:07,160 --> 00:22:10,679 Speaker 1: a couple of three students over. Here the whole system is. 380 00:22:10,800 --> 00:22:13,880 Speaker 1: Rigged you pay for all of, that all of those 381 00:22:14,000 --> 00:22:17,080 Speaker 1: universities you're paying For they, say oh, no, no it's privately. 382 00:22:17,160 --> 00:22:20,720 Speaker 1: Had with this real simple take the take all the federal, 383 00:22:20,760 --> 00:22:22,680 Speaker 1: spending not just a couple of billion dollars Of. Marvard 384 00:22:22,920 --> 00:22:25,200 Speaker 1: take it. All let's see what big shots. Are they 385 00:22:25,240 --> 00:22:28,080 Speaker 1: will fold quicker than the law. Firms remember how big 386 00:22:28,119 --> 00:22:32,080 Speaker 1: shots the law firms. Were you, Know Paul weiss And 387 00:22:32,200 --> 00:22:35,040 Speaker 1: carp the, chairman and they're organizing all this Anti trump 388 00:22:35,080 --> 00:22:36,520 Speaker 1: stuff and they're going to do, this and they're going 389 00:22:36,600 --> 00:22:40,960 Speaker 1: to do. That it took one. Letter now what the letter. 390 00:22:41,000 --> 00:22:43,800 Speaker 1: Say the letters said you security clients are going to be. 391 00:22:43,800 --> 00:22:46,960 Speaker 1: Pulled but that was just that was just the predicate 392 00:22:47,000 --> 00:22:49,879 Speaker 1: to say no more government. Work and, oh by the, 393 00:22:49,880 --> 00:22:51,600 Speaker 1: way they had a line in. There oh by the, 394 00:22:51,600 --> 00:22:55,760 Speaker 1: way any clients you have that, retain you are going 395 00:22:55,800 --> 00:22:58,560 Speaker 1: to have no access to, government to government programs. Either 396 00:22:59,359 --> 00:23:02,720 Speaker 1: in twenty, hours the other law firms were like jackals 397 00:23:02,720 --> 00:23:07,120 Speaker 1: on their. Clients not one partner at any major, well 398 00:23:07,440 --> 00:23:10,880 Speaker 1: any major law firm the country is. Resigned nobody at Scadin, 399 00:23:11,000 --> 00:23:13,560 Speaker 1: arps nobody At Paul. Weiss all the big talk and 400 00:23:13,600 --> 00:23:16,080 Speaker 1: how liberal they. Are when it came down to hard 401 00:23:16,119 --> 00:23:18,960 Speaker 1: money and getting getting the nose out of the government. 402 00:23:19,040 --> 00:23:22,960 Speaker 1: Trough they cratered in twenty four, hours just Like, harvard 403 00:23:23,320 --> 00:23:25,440 Speaker 1: just like the other, ivy just Like michigan will, do 404 00:23:25,680 --> 00:23:28,600 Speaker 1: just Like madison will. Do let's go To, Berkeley let's 405 00:23:28,600 --> 00:23:31,040 Speaker 1: go TO, Ucla let's go to every public. Ivy let's 406 00:23:31,040 --> 00:23:35,480 Speaker 1: go To North, Carolina. Charlottesville let's do them. All you're 407 00:23:35,520 --> 00:23:39,679 Speaker 1: all big, Talkers you're all big you, know a huge 408 00:23:39,720 --> 00:23:43,800 Speaker 1: woke dei anti. Maga, hey that's, fine do that be. 409 00:23:43,960 --> 00:23:47,000 Speaker 1: That go to your. Country in, fact go to the 410 00:23:47,040 --> 00:23:49,159 Speaker 1: state Of, michigan go to the state Of wisconsin and 411 00:23:49,119 --> 00:23:50,760 Speaker 1: asked him to put up the two or three billion 412 00:23:50,800 --> 00:23:53,160 Speaker 1: dollars the federal grimm's putting up every. Year see how 413 00:23:53,160 --> 00:23:56,080 Speaker 1: far that takes. You see how far it takes. You 414 00:23:57,560 --> 00:24:00,000 Speaker 1: this entire thing is on your, shoulders all of. It 415 00:24:00,960 --> 00:24:05,840 Speaker 1: now get zero. Respect you get zero. Respect you get 416 00:24:05,880 --> 00:24:09,200 Speaker 1: shafted every, day shafted every. Day if in this tax, 417 00:24:09,200 --> 00:24:12,879 Speaker 1: bill let me be blunt about, this the math cannot 418 00:24:13,240 --> 00:24:19,199 Speaker 1: begin to work unless the upper bracket has a not 419 00:24:19,240 --> 00:24:22,560 Speaker 1: a tax. Increase they just don't get extended the tax 420 00:24:22,600 --> 00:24:25,200 Speaker 1: cuts they. Got what this is going to be the. 421 00:24:25,280 --> 00:24:28,320 Speaker 1: Most this will be the most massive tax cut for 422 00:24:28,400 --> 00:24:30,439 Speaker 1: working class and middle class people in the history of the. 423 00:24:30,440 --> 00:24:35,200 Speaker 1: Country extend The trump tax cuts at seventeen plus, cut 424 00:24:35,440 --> 00:24:39,159 Speaker 1: no tax on, tips no tax on, overtimes no tax 425 00:24:39,200 --> 00:24:42,800 Speaker 1: On Social, security a massive tax. Cut And President trump 426 00:24:42,840 --> 00:24:45,199 Speaker 1: said the other, DAY i haven't get tariffs, rolling no 427 00:24:45,320 --> 00:24:48,280 Speaker 1: tax everybody in two hundred. Thousand that's. Aspirational i'm talking 428 00:24:48,280 --> 00:24:52,080 Speaker 1: about the here and. Now to do. That what do we? 429 00:24:52,160 --> 00:24:55,480 Speaker 1: Do we just Not we don't extend the tax cuts 430 00:24:55,520 --> 00:24:58,640 Speaker 1: to the upper. Bracket in, fact you could actually say 431 00:24:58,880 --> 00:25:01,159 Speaker 1: just create a new, bracket because they're per bracket NOW 432 00:25:01,160 --> 00:25:03,080 Speaker 1: i think six hundred thousand. Bucks just create a new. 433 00:25:03,080 --> 00:25:06,480 Speaker 1: Bracket that new bracket at a million dollars dollars goes 434 00:25:06,560 --> 00:25:10,439 Speaker 1: to let's round up forty. Percent that begins to bridge 435 00:25:10,480 --> 00:25:13,960 Speaker 1: the gap that you. Have, then with some defense, cuts 436 00:25:14,000 --> 00:25:16,520 Speaker 1: you can go to medicaid and smartly restructure. That you 437 00:25:16,560 --> 00:25:18,680 Speaker 1: can go to some of these social programs like snapping 438 00:25:18,760 --> 00:25:21,680 Speaker 1: others and start the restructure and get. Cuts that's the 439 00:25:21,720 --> 00:25:23,639 Speaker 1: way you get from the six and a half percent 440 00:25:24,800 --> 00:25:27,680 Speaker 1: deficit percentage OF gdp down To Scott besten's three and 441 00:25:27,720 --> 00:25:32,120 Speaker 1: a half percent there's not another. Choice this orgy they're 442 00:25:32,160 --> 00:25:35,639 Speaker 1: going to lay on you has defense. Spending he's going 443 00:25:35,680 --> 00:25:37,280 Speaker 1: to be one point five trade its sees to be 444 00:25:37,359 --> 00:25:42,600 Speaker 1: one point one trillion. Dollars they're increasing spending in the. 445 00:25:42,720 --> 00:25:44,880 Speaker 1: Games are going to play as, Oh steven are, saying 446 00:25:44,920 --> 00:25:47,959 Speaker 1: these conservative wins because of the ten year. Cycle there's one. 447 00:25:47,960 --> 00:25:49,719 Speaker 1: POINT i don't want to hear about ten year. CYCLES 448 00:25:50,080 --> 00:25:52,320 Speaker 1: i don't hear that's requirded you have to. Do that's 449 00:25:52,440 --> 00:25:55,680 Speaker 1: all completely and totally. PHONY i care about this fiscal, 450 00:25:55,800 --> 00:25:58,119 Speaker 1: year AND i care about the next fiscal. Year and, 451 00:25:58,280 --> 00:26:00,600 Speaker 1: oh by the, WAY i want to see where the numbers. 452 00:26:00,600 --> 00:26:02,520 Speaker 1: Are i'm begging for it to be one hundred and 453 00:26:02,520 --> 00:26:05,920 Speaker 1: fifty billion. Dollars so that's. Fantastic they're using that as 454 00:26:05,960 --> 00:26:11,159 Speaker 1: a magic wand to avoid making tough. Decisions, programmatically the 455 00:26:11,320 --> 00:26:13,040 Speaker 1: cuts are going to have to, come and they're going 456 00:26:13,119 --> 00:26:15,400 Speaker 1: to have to start in the defense. Department Are it's 457 00:26:15,520 --> 00:26:22,680 Speaker 1: never going to happen the appropriate defense. Cuts and here's 458 00:26:22,680 --> 00:26:27,040 Speaker 1: what we have to. Do Match President trump's hemispheric defense 459 00:26:28,240 --> 00:26:33,000 Speaker 1: really enable strategy with the Existing pentagon. Budget they're going 460 00:26:33,080 --> 00:26:36,240 Speaker 1: in two different. Directions one's about big land, armies on 461 00:26:36,359 --> 00:26:39,359 Speaker 1: The eurasian land masks for fighting the twentieth centuries wars 462 00:26:41,280 --> 00:26:44,240 Speaker 1: or unfortunately the early twenty first. Century that day is. 463 00:26:44,280 --> 00:26:47,080 Speaker 1: Over President trump's tony right now is going to get 464 00:26:47,200 --> 00:26:49,800 Speaker 1: negotiate deal In. Persia not going to be any. Bombing, 465 00:26:49,840 --> 00:26:54,840 Speaker 1: there no New Middle east warce sure commercial. Break we're 466 00:26:54,880 --> 00:27:01,040 Speaker 1: going to go To, Spain portugal And france. Next use your, 467 00:27:01,119 --> 00:27:07,879 Speaker 1: Host STEPHEN. K Ba, Okay president just put out a 468 00:27:08,240 --> 00:27:12,640 Speaker 1: new truth Social when tariffs cut, in many people's income 469 00:27:12,680 --> 00:27:16,200 Speaker 1: tax will be stantially, reduced maybe even completely. Eliminated focus 470 00:27:16,280 --> 00:27:19,200 Speaker 1: beyond making people making less than twohred thousand a. Year, 471 00:27:19,480 --> 00:27:21,760 Speaker 1: also massive number of jobs already being created with new, 472 00:27:21,800 --> 00:27:24,639 Speaker 1: plants factories currently being built or. Planned it will be 473 00:27:24,840 --> 00:27:30,119 Speaker 1: a bonanza For. America The External Revenue service is. Happening, remember, 474 00:27:30,160 --> 00:27:33,720 Speaker 1: folks it Was John, gardner an expert in small manufacturing 475 00:27:33,760 --> 00:27:36,240 Speaker 1: and bringing small manufacturing back here To United, states that 476 00:27:36,480 --> 00:27:39,880 Speaker 1: named the External revenue. Service what about two months? Ago 477 00:27:39,960 --> 00:27:43,000 Speaker 1: three months, ago actually might have been during even before. 478 00:27:43,040 --> 00:27:45,359 Speaker 1: Inauguration it might have been in during the mar lago. 479 00:27:45,480 --> 00:27:50,119 Speaker 1: Time he's From Laguna, beach an. Expert external revenue is 480 00:27:50,160 --> 00:27:53,920 Speaker 1: going to be very important aspirationally to get to no 481 00:27:54,040 --> 00:27:57,680 Speaker 1: taxes under two undred. Thousand that's, fantastic and that's. Aspirational 482 00:27:58,119 --> 00:28:00,479 Speaker 1: what's happening in The secretary Of treasuries offers a day 483 00:28:00,480 --> 00:28:03,040 Speaker 1: at four o'clock When John, thuneen The speaker of The, 484 00:28:03,080 --> 00:28:06,960 Speaker 1: house show. Up that's, reality the here and. Now here's 485 00:28:07,000 --> 00:28:09,680 Speaker 1: the way the math. Works if you take, that you 486 00:28:09,800 --> 00:28:11,320 Speaker 1: have to get from six and a half to three 487 00:28:11,359 --> 00:28:13,480 Speaker 1: and a half, percent and you have. To if you 488 00:28:13,560 --> 00:28:16,240 Speaker 1: don't do, that the bricks nations in the global bond 489 00:28:16,320 --> 00:28:18,960 Speaker 1: market are just going to reject. You and this shows 490 00:28:19,040 --> 00:28:24,560 Speaker 1: you you have a Limited you're have less and less 491 00:28:25,000 --> 00:28:28,520 Speaker 1: room for maneuver every day because you're deaths increasing so. Quickly, 492 00:28:28,920 --> 00:28:31,359 Speaker 1: okay remember it's got to be. Financed somebody else has 493 00:28:31,359 --> 00:28:33,360 Speaker 1: got to buy, this or we end up buying. Ourselves 494 00:28:33,400 --> 00:28:38,320 Speaker 1: there's another trick that fed. Does right. Now you have 495 00:28:38,520 --> 00:28:40,360 Speaker 1: to have the back of the people up there that 496 00:28:40,440 --> 00:28:43,760 Speaker 1: want to cut and cut. Spending spending has to be, 497 00:28:43,920 --> 00:28:46,680 Speaker 1: cut and we can't have any happy talk over ten. 498 00:28:46,760 --> 00:28:49,200 Speaker 1: Years two train does forget the ten. YEARS i want 499 00:28:49,200 --> 00:28:51,120 Speaker 1: to hear about it because it's always in the out 500 00:28:51,200 --> 00:28:53,440 Speaker 1: years and it never. HAPPENS i want to know what 501 00:28:53,560 --> 00:28:56,920 Speaker 1: you're cutting this year and next. Year, OKAY i want 502 00:28:56,960 --> 00:28:58,160 Speaker 1: to know how we're going to get from the six 503 00:28:58,200 --> 00:29:00,920 Speaker 1: and a half down TO i don't. Know let's pick 504 00:29:00,960 --> 00:29:04,560 Speaker 1: a number, five four and a. Half pick something that's 505 00:29:04,600 --> 00:29:09,280 Speaker 1: got to come from cutting federal. Spending let's assume for 506 00:29:09,440 --> 00:29:12,520 Speaker 1: purposes this discussion that the numbers THAT doze is reporting 507 00:29:12,680 --> 00:29:14,840 Speaker 1: is the numbers they reports one hundred fifty billion. DOLLARS 508 00:29:15,360 --> 00:29:18,200 Speaker 1: i doubt that's, real but let's say it. Is that's, 509 00:29:18,280 --> 00:29:21,480 Speaker 1: great that's a great. Start then where ARE i going discretionary? 510 00:29:21,520 --> 00:29:24,240 Speaker 1: SPENDING i go to the Defense, DEPARTMENT i go to 511 00:29:24,280 --> 00:29:26,760 Speaker 1: the social, programs and that means medicaid and. Medicaid you 512 00:29:26,840 --> 00:29:28,440 Speaker 1: got to be very smart about how you do. 513 00:29:28,520 --> 00:29:28,560 Speaker 5: It. 514 00:29:29,440 --> 00:29:32,840 Speaker 1: Why, well there's a lot of maga on. Medicaid that's. 515 00:29:32,880 --> 00:29:36,320 Speaker 1: Reality why is that the? Case because there's no manufacturing 516 00:29:36,440 --> 00:29:38,640 Speaker 1: jobs in this. Country they all went To, China and 517 00:29:38,760 --> 00:29:40,520 Speaker 1: don't sit there and tell me all the happy talk 518 00:29:40,600 --> 00:29:42,320 Speaker 1: is On cuomo the other. Night oh eighty percent of 519 00:29:42,360 --> 00:29:46,280 Speaker 1: the nation is. Service you ask any worker in a 520 00:29:46,400 --> 00:29:48,800 Speaker 1: service gig at any media company right, now and you 521 00:29:48,880 --> 00:29:51,320 Speaker 1: see how secure they. Feel you see how they're putting 522 00:29:51,360 --> 00:29:53,920 Speaker 1: their heads in their pill every. Night they're. Nervous it's 523 00:29:54,000 --> 00:29:56,400 Speaker 1: all a gig. Economy they don't have any four to ONE, 524 00:29:56,520 --> 00:29:59,360 Speaker 1: k they have no retirement. Plan they can be laid 525 00:29:59,400 --> 00:30:02,960 Speaker 1: off next. Week the service economy is not. Stable it 526 00:30:03,160 --> 00:30:07,120 Speaker 1: moves and shifts by the. Economy manufacturing is. Stable manufacturing 527 00:30:07,240 --> 00:30:10,360 Speaker 1: the backbone of this. Country As Chris lendard told you On, 528 00:30:10,480 --> 00:30:13,520 Speaker 1: friday we gave it all. Away we gave it all the. 529 00:30:13,560 --> 00:30:17,760 Speaker 1: Way the sociopathic overlord's On Wall, street the global, corporatists 530 00:30:18,040 --> 00:30:20,760 Speaker 1: and the apartheid state Of Silicon valley gave it. Away, 531 00:30:21,080 --> 00:30:23,480 Speaker 1: okay now It's President trump is trying to get it. 532 00:30:23,600 --> 00:30:27,680 Speaker 1: Back two prongs of that number one tarras mean more 533 00:30:27,720 --> 00:30:30,440 Speaker 1: external revenue for people who don't shift their manufacturing, here 534 00:30:30,840 --> 00:30:33,239 Speaker 1: and the others will shift their manufacturing, here and you'll get, 535 00:30:33,600 --> 00:30:37,760 Speaker 1: higher better, paying more stable, jobs and you actually build 536 00:30:37,800 --> 00:30:40,960 Speaker 1: a family. Around it's gonna be tough to say it 537 00:30:41,040 --> 00:30:43,000 Speaker 1: was gonna be. Easy Ray dalio laid it out right. 538 00:30:43,040 --> 00:30:45,520 Speaker 1: There it's all about the. Debt anybody to start off 539 00:30:45,560 --> 00:30:48,120 Speaker 1: by talking about the debt in the big beautiful bill right, 540 00:30:48,200 --> 00:30:51,440 Speaker 1: NOW i haven't heard anybody except For chip rowing these 541 00:30:51,480 --> 00:30:53,880 Speaker 1: guys talking about you got to make. Cuts you have 542 00:30:53,960 --> 00:30:55,440 Speaker 1: to make, cuts and how's it going to be paid. 543 00:30:55,480 --> 00:30:59,240 Speaker 1: For it's gonna be the massive tax. Cut this is 544 00:30:59,560 --> 00:31:02,680 Speaker 1: the most the biggest tax cut for working class and 545 00:31:02,720 --> 00:31:04,800 Speaker 1: middle class people in the history of this. Country the 546 00:31:04,920 --> 00:31:08,640 Speaker 1: extension of the twenty seventeen tax cuts for the middle 547 00:31:08,680 --> 00:31:11,840 Speaker 1: class and word. Class plus no tax on, tips no 548 00:31:12,040 --> 00:31:14,960 Speaker 1: tax on, overtime no tax on service. Security add those. 549 00:31:15,000 --> 00:31:18,560 Speaker 1: Three that's a start to getting no taxes for folks 550 00:31:18,560 --> 00:31:21,120 Speaker 1: on one hundred and fifty thousand. Dollars but the upper 551 00:31:21,200 --> 00:31:23,440 Speaker 1: brackets have to go. UP i don't care about the 552 00:31:23,480 --> 00:31:27,000 Speaker 1: happy talk you hear From Speaker johnson and all these 553 00:31:27,080 --> 00:31:30,960 Speaker 1: Other grover nor. Crusts it's not relevant because my math 554 00:31:31,240 --> 00:31:33,200 Speaker 1: is the math that makes. Sense they have new. Nerves 555 00:31:33,240 --> 00:31:36,000 Speaker 1: they never talk about. Mathematics they never talk about. Debt 556 00:31:36,200 --> 00:31:39,320 Speaker 1: they never talk about percentage OF gdp deficits. Are they 557 00:31:39,360 --> 00:31:41,560 Speaker 1: never talk about the increase to national. Debt they never 558 00:31:41,560 --> 00:31:43,719 Speaker 1: talk about the interest. Spends they just kind of think 559 00:31:43,800 --> 00:31:46,800 Speaker 1: that all goes. Away it is crushing you right. Now 560 00:31:47,360 --> 00:31:50,080 Speaker 1: that is why inflation is embedded into the. System the 561 00:31:50,200 --> 00:31:52,440 Speaker 1: more you have to refinance a bigger number of debt 562 00:31:52,480 --> 00:31:56,320 Speaker 1: at higher interest. Rates that crowds out of the money 563 00:31:56,360 --> 00:31:58,880 Speaker 1: and that's its embedded inflation that's not going to go. 564 00:31:58,920 --> 00:32:02,080 Speaker 1: Away we don't have a supply chain. Problem we have 565 00:32:02,240 --> 00:32:06,120 Speaker 1: a too much, spending too big a debt problem if 566 00:32:06,160 --> 00:32:08,320 Speaker 1: you're under forty and by the, way you're the lucky 567 00:32:08,400 --> 00:32:10,680 Speaker 1: beneficiaries Of on top of all, that the one point 568 00:32:10,760 --> 00:32:14,600 Speaker 1: seven trallon dollars a student, debt which is these loans 569 00:32:14,640 --> 00:32:17,880 Speaker 1: are exploding. LOANS i hate to, say a tough break 570 00:32:17,920 --> 00:32:22,360 Speaker 1: for a swell, guy and, gal you're completely. SCREWED i 571 00:32:22,360 --> 00:32:24,480 Speaker 1: would love to give you some happy, talk but it's 572 00:32:24,480 --> 00:32:28,520 Speaker 1: just if you're under forty years. Old given the economic situation, 573 00:32:28,640 --> 00:32:31,640 Speaker 1: today the lack of capital, formation the lack of your 574 00:32:31,680 --> 00:32:34,600 Speaker 1: ability to get to get into a real asset right 575 00:32:34,760 --> 00:32:37,080 Speaker 1: like real, estate the ability to have any kind of 576 00:32:37,120 --> 00:32:39,920 Speaker 1: savings or have any kind of capital, formation to have 577 00:32:40,000 --> 00:32:42,920 Speaker 1: any kind of job that has any kind of stability 578 00:32:43,000 --> 00:32:46,080 Speaker 1: to it and not just some glorified gig. Economy. Right 579 00:32:46,760 --> 00:32:48,760 Speaker 1: you add on top of that in the increased debt, 580 00:32:48,800 --> 00:32:51,600 Speaker 1: Payments think of what this thing hits fifty trillion dollars 581 00:32:52,440 --> 00:32:54,560 Speaker 1: when the debt's two and a half trillion. Dollars they excuse, 582 00:32:54,600 --> 00:32:56,560 Speaker 1: me the interest expense two and a half trellion dollars 583 00:32:57,200 --> 00:32:59,440 Speaker 1: Is Dave walsh. Up Dave, walsh talk to me about 584 00:32:59,480 --> 00:33:02,360 Speaker 1: one way get out of. This the bedrock for it is. Energy, 585 00:33:02,440 --> 00:33:05,320 Speaker 1: Sir talk to. Me what happened In portugal In spain? 586 00:33:05,360 --> 00:33:07,840 Speaker 1: Today is that any foreshadowing what's going to happen in 587 00:33:07,840 --> 00:33:09,320 Speaker 1: The United states Of? America, well it. 588 00:33:09,480 --> 00:33:12,280 Speaker 5: Is you fear to have about six million people in 589 00:33:12,360 --> 00:33:15,000 Speaker 5: key cities In, Spain portugal and Now france out of 590 00:33:15,080 --> 00:33:17,880 Speaker 5: power for an elongated. Period we're not quite sure. Why 591 00:33:18,360 --> 00:33:21,640 Speaker 5: there's some rumors about a spatial event with solar, flares 592 00:33:21,960 --> 00:33:24,480 Speaker 5: but you know, what that doesn't affect just a tiny 593 00:33:24,520 --> 00:33:27,320 Speaker 5: weeny area Like spain And. Portugal if that were, true 594 00:33:27,840 --> 00:33:30,840 Speaker 5: that would broadcast over a very large. Area what hasn't 595 00:33:31,440 --> 00:33:34,479 Speaker 5: it looks like this is about their generation? System how 596 00:33:34,520 --> 00:33:37,880 Speaker 5: does this affect us? Here spain over time has accepted 597 00:33:37,920 --> 00:33:41,040 Speaker 5: the notion for the Whole Iberian peninsula of all, solar all. 598 00:33:41,120 --> 00:33:44,080 Speaker 5: Wind they're about fifty percent of their electricity is now 599 00:33:44,160 --> 00:33:47,560 Speaker 5: produced that, way sixty five percent of their installed. Capacity 600 00:33:47,960 --> 00:33:50,640 Speaker 5: it doesn't work at. Night it doesn't work at. Night 601 00:33:51,120 --> 00:33:54,440 Speaker 5: it doesn't work when it's, Cloudy so therefore you've got 602 00:33:54,640 --> 00:33:59,040 Speaker 5: like capacity factor is maybe twenty five, percent meaning seventy 603 00:33:59,080 --> 00:34:01,640 Speaker 5: five percent of the time that doesn't. Work they've now 604 00:34:01,680 --> 00:34:04,120 Speaker 5: announced the shutdown of their last two coal plants and 605 00:34:04,360 --> 00:34:06,760 Speaker 5: all seven of their nuclear power plants over the next ten. 606 00:34:06,880 --> 00:34:11,239 Speaker 5: Years they will have no nighttime. Power, effectively the batteries 607 00:34:11,440 --> 00:34:13,920 Speaker 5: don't solve. That by the, way all of the battery 608 00:34:14,000 --> 00:34:17,439 Speaker 5: power and solar panels come FROM, gesu From. 609 00:34:17,560 --> 00:34:19,200 Speaker 1: China they're very committed to. 610 00:34:19,280 --> 00:34:21,960 Speaker 5: That this is what you wind up. With translate this 611 00:34:22,080 --> 00:34:24,920 Speaker 5: to The United states Of. America in the twenty twelve 612 00:34:25,120 --> 00:34:29,960 Speaker 5: electricity reserve margins here averaged twenty five. Percent we produced 613 00:34:30,040 --> 00:34:32,759 Speaker 5: more than we needed to take care of the peak 614 00:34:32,840 --> 00:34:35,480 Speaker 5: times of summer and winter when it's tautust and. Coldest 615 00:34:36,080 --> 00:34:38,880 Speaker 5: reserve margins have collapsed to fourteen and a half percent 616 00:34:39,000 --> 00:34:42,319 Speaker 5: now only in about eighteen years because of the mass 617 00:34:42,360 --> 00:34:46,239 Speaker 5: adoption of these part time technologies that cost three times the. 618 00:34:46,360 --> 00:34:49,000 Speaker 5: Money and, yeah batteries are, great but they. 619 00:34:48,960 --> 00:34:51,719 Speaker 1: All come From. China solar panels all come From. 620 00:34:51,840 --> 00:34:56,160 Speaker 5: China we're taking in power generation resources that cost eleven 621 00:34:56,280 --> 00:35:00,600 Speaker 5: times more than basic gas fired electric. Power in solar 622 00:35:00,680 --> 00:35:04,120 Speaker 5: about three times more, costly battery storage about eleven times more, 623 00:35:04,160 --> 00:35:08,120 Speaker 5: costly and it all comes From, china and we're incentivizing 624 00:35:08,239 --> 00:35:10,719 Speaker 5: that forty two big in a year Of biden era 625 00:35:10,880 --> 00:35:14,359 Speaker 5: incentives that continue to this day and are not being 626 00:35:14,400 --> 00:35:16,840 Speaker 5: attacked in this version of the, budget and then be 627 00:35:17,160 --> 00:35:21,239 Speaker 5: makers inside THE irs tax code accelerated depreciation on this 628 00:35:21,280 --> 00:35:26,400 Speaker 5: stuff five year, lives massively accelerated depreciation schedules another eleven 629 00:35:26,480 --> 00:35:30,440 Speaker 5: billion of subsidies that, way Or chinese sourced solar panels 630 00:35:30,680 --> 00:35:32,759 Speaker 5: eighty seven percent of those in the world are made In. 631 00:35:33,000 --> 00:35:35,719 Speaker 5: China eighty seven percent of batteries in the world are 632 00:35:35,800 --> 00:35:36,080 Speaker 5: made In. 633 00:35:36,239 --> 00:35:40,920 Speaker 1: China, Utility hang on, something hang, on hang, on hang. 634 00:35:40,960 --> 00:35:44,160 Speaker 1: On who are you saying that we the taxpayer of 635 00:35:44,200 --> 00:35:48,399 Speaker 1: subsidizing that that's not subsequent from? Us, yes, yes, yes 636 00:35:48,480 --> 00:35:53,359 Speaker 1: we're subsidizing companies up, yes slow, down slow, down hit. 637 00:35:53,480 --> 00:35:55,960 Speaker 1: REWIND i want to make sure THAT i want to 638 00:35:56,000 --> 00:35:59,040 Speaker 1: make sure this flows over people on A monday morning 639 00:36:00,120 --> 00:36:00,840 Speaker 1: me that again. 640 00:36:01,920 --> 00:36:07,160 Speaker 5: THE itc investment tax, credit production tax credit and accelerated 641 00:36:07,239 --> 00:36:13,080 Speaker 5: depreciation subsidies to win solar and battery storage extended in 642 00:36:13,200 --> 00:36:17,120 Speaker 5: the BIDEN I ara that were existent all the last twelve, 643 00:36:17,200 --> 00:36:20,879 Speaker 5: years including this same administration last time those incentives were 644 00:36:20,880 --> 00:36:24,719 Speaker 5: all there then continue and cost tax payers forty two 645 00:36:24,800 --> 00:36:28,320 Speaker 5: billion a year the tax subsidy portion in depreciation schedules 646 00:36:28,719 --> 00:36:32,080 Speaker 5: accelerating depreciation for tax on this stuff allows another. 647 00:36:32,280 --> 00:36:34,800 Speaker 1: Ten billion a, year so fifty two billion a year. 648 00:36:35,200 --> 00:36:40,239 Speaker 5: In subsidizing part, time, massively massively expensive energy sources for 649 00:36:40,440 --> 00:36:45,520 Speaker 5: electricity that come From, china battery storage and solar, panels and. 650 00:36:47,120 --> 00:36:49,880 Speaker 1: But also not just the it's not part of the, 651 00:36:50,280 --> 00:36:53,960 Speaker 1: baseload but the manufacturing takes place In. China so it's 652 00:36:54,000 --> 00:36:56,320 Speaker 1: fifty two billion dollars we're now getting in tax revenues 653 00:36:56,320 --> 00:37:00,720 Speaker 1: because we're given a subsidy to support manufacturing jobs In. China, correct, 654 00:37:01,560 --> 00:37:02,400 Speaker 1: correct correct. 655 00:37:02,760 --> 00:37:06,040 Speaker 5: Now the way forward to slow this down was the. Tariffs, 656 00:37:06,719 --> 00:37:09,799 Speaker 5: unfortunately two saturdays ago we Let china off the hook 657 00:37:10,400 --> 00:37:14,360 Speaker 5: on battery storage and the thin FILM pv and. Batteries, 658 00:37:15,040 --> 00:37:18,040 Speaker 5: yeah were exempted from the tariffs for the time. BEING 659 00:37:18,200 --> 00:37:21,480 Speaker 5: a timeout timeout was. Declared that was a huge mistake 660 00:37:21,800 --> 00:37:23,120 Speaker 5: because that was the only way. 661 00:37:23,239 --> 00:37:26,960 Speaker 1: Forward it wasn't a, Blink it wasn't a, blink but 662 00:37:27,040 --> 00:37:30,080 Speaker 1: maybe it was a, wink, right knows we got to 663 00:37:30,120 --> 00:37:32,200 Speaker 1: get that whole thing, sorted because that's the counter to 664 00:37:32,320 --> 00:37:35,680 Speaker 1: the no rare earthno, magnet snow ball, bearings all that. 665 00:37:35,840 --> 00:37:37,920 Speaker 1: Correct that was kind of a wink that's going to get. 666 00:37:37,920 --> 00:37:41,840 Speaker 5: Sorted but the energy cost that that kind of equipment 667 00:37:41,920 --> 00:37:44,680 Speaker 5: produces Here, spain for, example thirty two cents OF killo 668 00:37:44,760 --> 00:37:48,160 Speaker 5: one hour two point two times more costly electricity than. 669 00:37:48,239 --> 00:37:51,840 Speaker 5: Here all because they've decided over time to build this second, 670 00:37:52,000 --> 00:37:55,200 Speaker 5: system new system on top of the existing one you 671 00:37:55,320 --> 00:37:58,239 Speaker 5: must have run at night and when it's flotty called 672 00:37:58,320 --> 00:38:02,520 Speaker 5: solar and battery, storage that basically doubles the cost of. Electricity, 673 00:38:04,600 --> 00:38:07,440 Speaker 5: yeah you won't have any reshort manufacturing. 674 00:38:07,520 --> 00:38:09,960 Speaker 1: Here it won't. Happen they, all they're all in the. 675 00:38:10,040 --> 00:38:13,239 Speaker 1: Cult they're on the cult of. Decarbonization and you know 676 00:38:13,360 --> 00:38:15,400 Speaker 1: how funny that cult. Is i'm gonna show you how 677 00:38:16,200 --> 00:38:18,360 Speaker 1: funny that cult. Is do you hear any mention of? 678 00:38:18,440 --> 00:38:19,759 Speaker 1: That do you hear a green new? Deal do you 679 00:38:19,760 --> 00:38:20,359 Speaker 1: hear green? Thing? 680 00:38:20,440 --> 00:38:20,560 Speaker 5: Oh. 681 00:38:20,640 --> 00:38:24,719 Speaker 1: No once the oligarch tech, bros the progressive oligarc tech, 682 00:38:24,760 --> 00:38:28,040 Speaker 1: bros realize they need power to the tenth degreed in 683 00:38:28,040 --> 00:38:31,120 Speaker 1: The United, states you don't hear anything else about climate 684 00:38:31,200 --> 00:38:34,040 Speaker 1: change of global. Warming it's all ABOUT ai and we 685 00:38:34,160 --> 00:38:37,760 Speaker 1: got we gotta do the full, muscle, right the The western, 686 00:38:37,800 --> 00:38:40,800 Speaker 1: approach not the, deep not the deep. Seek AM i correcting, 687 00:38:40,880 --> 00:38:43,399 Speaker 1: That Dave, walsh you don't much talk about decarbonization. 688 00:38:43,440 --> 00:38:47,279 Speaker 5: Anymore, yes, yes But, steve the, people the people in 689 00:38:47,360 --> 00:38:50,799 Speaker 5: The populace movement need their fridges on at, night they 690 00:38:50,920 --> 00:38:54,120 Speaker 5: need their air conditioning on. It they need their computers 691 00:38:54,160 --> 00:38:56,960 Speaker 5: on minded work this, morning at night and. Day and 692 00:38:58,400 --> 00:39:01,120 Speaker 5: it's the same for them, too not to text all of. 693 00:39:01,200 --> 00:39:05,040 Speaker 5: Darks we all need base, load continuous, duty abundantly low 694 00:39:05,120 --> 00:39:06,480 Speaker 5: cost Like, Chris oh, No. 695 00:39:06,480 --> 00:39:08,359 Speaker 1: I'm not saying we don't need. It i'm saying they 696 00:39:08,760 --> 00:39:10,840 Speaker 1: knew it when it came to something they had to. 697 00:39:10,960 --> 00:39:13,640 Speaker 1: Have all of a sudden they became they left the 698 00:39:13,760 --> 00:39:17,200 Speaker 1: cult of. Decarbonization, dave we got to. Bounce this is. 699 00:39:17,239 --> 00:39:18,800 Speaker 1: Amazing i'm gonna try to get you back on this 700 00:39:18,840 --> 00:39:21,080 Speaker 1: one hundred day things got me jammed, up but we've 701 00:39:21,120 --> 00:39:22,520 Speaker 1: got to get you back on this week to go 702 00:39:22,600 --> 00:39:25,200 Speaker 1: through all of. It where's your social media in the. 703 00:39:25,280 --> 00:39:28,040 Speaker 5: Interview thank you At Dave. Walsh energy on the ex 704 00:39:28,120 --> 00:39:30,640 Speaker 5: true social And. Getter thank, You. 705 00:39:30,680 --> 00:39:36,200 Speaker 1: Steve Incredible everything that guy says comes. True you notice 706 00:39:36,239 --> 00:39:39,160 Speaker 1: that over the last four or five. Years and guess 707 00:39:39,360 --> 00:39:43,840 Speaker 1: it's it's not a solar, Flare no way. Impossible it 708 00:39:43,880 --> 00:39:46,040 Speaker 1: would take in a much bigger section of the. World, 709 00:39:46,760 --> 00:39:49,160 Speaker 1: anyway hometime we need you up on the. Ramparts as 710 00:39:49,200 --> 00:39:51,560 Speaker 1: you can tell from this, morning they're going to start. 711 00:39:51,640 --> 00:39:54,080 Speaker 1: Negotiating So Scott besson's got two things going. On Number, 712 00:39:54,120 --> 00:39:57,400 Speaker 1: one he's leading the charge in the, process particularly with 713 00:39:57,480 --> 00:40:02,719 Speaker 1: The East asian, companies With japan And, Korea, Philippines, Taiwan, Vietnam. 714 00:40:03,040 --> 00:40:08,200 Speaker 1: India he's got these deals stacked up Over treasury like 715 00:40:08,360 --> 00:40:10,960 Speaker 1: flights Over LaGuardia on A friday. Night, okay they're trying 716 00:40:11,000 --> 00:40:12,480 Speaker 1: to bring him in this. WEEK i think you may 717 00:40:12,560 --> 00:40:16,120 Speaker 1: have a couple of terms. Agreed it'll take months to paper, 718 00:40:16,160 --> 00:40:17,480 Speaker 1: them BUT i think you have a couple of terms. 719 00:40:17,520 --> 00:40:20,839 Speaker 1: Agreed you'll see the architecture of these deals and we'll 720 00:40:20,840 --> 00:40:22,759 Speaker 1: get down To Remember i've been showing you this thing 721 00:40:23,400 --> 00:40:28,600 Speaker 1: About beijing warrens of retaliation against nations DOING us. Deals 722 00:40:28,719 --> 00:40:31,800 Speaker 1: that's because the center gravity is these deals will be 723 00:40:31,920 --> 00:40:36,279 Speaker 1: some sort OF i don't, know basic understanding you're in 724 00:40:36,320 --> 00:40:39,719 Speaker 1: The american trading block or words that. Effect beijing's going 725 00:40:39,760 --> 00:40:43,480 Speaker 1: to fight this. Hard also four pm, Today John thune 726 00:40:43,640 --> 00:40:45,840 Speaker 1: and The speaker of The house in The Treasury department's 727 00:40:45,880 --> 00:40:50,280 Speaker 1: office are going to start negotiating on the big beautiful 728 00:40:50,320 --> 00:40:52,640 Speaker 1: bill short commercial break back in the warm in a, 729 00:40:52,680 --> 00:41:04,400 Speaker 1: Moment god we. Relistic excuse your, Host stephen k. Back, okay, 730 00:41:04,480 --> 00:41:06,880 Speaker 1: folks you can see that we're going to need you 731 00:41:06,880 --> 00:41:09,239 Speaker 1: at the ramparts later in the week Because luck's going 732 00:41:09,280 --> 00:41:11,040 Speaker 1: to be going. On make sure that you don't have 733 00:41:11,200 --> 00:41:14,719 Speaker 1: the anxiety or angst of having somebody mess with your, 734 00:41:15,120 --> 00:41:17,360 Speaker 1: title the only piece of paper that shows that you 735 00:41:17,480 --> 00:41:20,319 Speaker 1: have ownership of that thing you called your, home your real, 736 00:41:20,400 --> 00:41:22,520 Speaker 1: asset which IS i don't, know eighty or nine percent 737 00:41:22,560 --> 00:41:24,480 Speaker 1: of your net worth if you're lucky enough to own 738 00:41:24,560 --> 00:41:27,880 Speaker 1: on because if you're under forty you probably. Don't you 739 00:41:27,960 --> 00:41:32,160 Speaker 1: want to make sure NO ai cyberb a stray, lawyer 740 00:41:32,320 --> 00:41:34,719 Speaker 1: a rogue accountant can get to. It home title lock 741 00:41:34,760 --> 00:41:36,879 Speaker 1: one million dollars triple lock. Protection what do you get 742 00:41:37,080 --> 00:41:39,680 Speaker 1: twenty four, hour seven day a week coverage in the 743 00:41:39,719 --> 00:41:41,759 Speaker 1: middle of the night if anything Happens boom you get. 744 00:41:41,760 --> 00:41:45,840 Speaker 1: Alert if all else, fails you have one million dollars restoration, 745 00:41:46,000 --> 00:41:49,680 Speaker 1: program one million dollars, lawyers all of it to make 746 00:41:49,680 --> 00:41:52,759 Speaker 1: sure you can get your title. Back go talk go 747 00:41:52,920 --> 00:41:55,120 Speaker 1: to Home title doock dot com promo Code steve and 748 00:41:55,239 --> 00:41:57,560 Speaker 1: talk To Natalie domingez in the team. There this is 749 00:41:57,560 --> 00:42:00,839 Speaker 1: an extraordinary. Offer make sure you get. It Home Title promo, Coach. 750 00:42:00,920 --> 00:42:05,560 Speaker 1: Steve let's go To, Rome Ben, HARNWELL a lot happened 751 00:42:05,600 --> 00:42:09,200 Speaker 1: over the weekend besides the, FUNERAL a lot of activity 752 00:42:09,239 --> 00:42:11,080 Speaker 1: getting ready for the. CONCLAVE i think it's been designate 753 00:42:11,200 --> 00:42:13,399 Speaker 1: Is may. Seventh that'll be a pretty big. Weekend may, 754 00:42:13,520 --> 00:42:18,040 Speaker 1: seventh which is the eightieth anniversary of the victory In 755 00:42:18,080 --> 00:42:21,520 Speaker 1: europe from The, Western american And british. SIDE i Think 756 00:42:21,600 --> 00:42:25,480 Speaker 1: may eighth is the is The russian. Side may eighth 757 00:42:25,520 --> 00:42:28,840 Speaker 1: is supposed to be when the ceasefire is supposed to 758 00:42:28,840 --> 00:42:30,839 Speaker 1: start In. Ukraine will get you on that, Tomorrow. Ben 759 00:42:31,280 --> 00:42:33,560 Speaker 1: but in The, vatican what is. This i'm hearing that 760 00:42:33,719 --> 00:42:38,080 Speaker 1: a group of, cardinals not all just conservatives or, traditionalists 761 00:42:38,120 --> 00:42:42,080 Speaker 1: are actually sitting there and making an argument That francis 762 00:42:42,239 --> 00:42:45,920 Speaker 1: was actually not legitimate given the the retirement Of benedict 763 00:42:46,000 --> 00:42:48,440 Speaker 1: and many things that happened on that, transition and so 764 00:42:48,680 --> 00:42:54,800 Speaker 1: therefore no cardinals that were ordained By france's should be 765 00:42:54,840 --> 00:42:57,560 Speaker 1: included in this. Conclave any truth to this, rumor. 766 00:43:00,080 --> 00:43:02,759 Speaker 6: The rumor definitely, exists that's for. Sure there's truth that 767 00:43:02,840 --> 00:43:07,719 Speaker 6: the rumor. Exists AND i don't want to leak any 768 00:43:07,760 --> 00:43:10,000 Speaker 6: of the names That i've heard on this show Until 769 00:43:10,000 --> 00:43:13,040 Speaker 6: i've been able to confirm either with their with their 770 00:43:13,120 --> 00:43:16,080 Speaker 6: cooperation or without it that their presence in these. Meetings 771 00:43:16,400 --> 00:43:20,200 Speaker 6: but essentially the context is. This it's a statement that was. 772 00:43:20,280 --> 00:43:22,600 Speaker 6: RELEASED i Think lizia might harry it up on her 773 00:43:22,920 --> 00:43:25,480 Speaker 6: on her getter and on Her twitter by a guy 774 00:43:25,600 --> 00:43:29,600 Speaker 6: Called Professor Joseph. Defer, now he was actually a leading 775 00:43:29,719 --> 00:43:33,600 Speaker 6: member of The academy For Pontifical academy For, life which 776 00:43:33,640 --> 00:43:37,200 Speaker 6: is a great institution founded By Hope john for The 777 00:43:37,280 --> 00:43:42,640 Speaker 6: second and then undermined and almost liquidated By Thomas Pope. 778 00:43:42,760 --> 00:43:46,440 Speaker 6: Francis this guy went off and created a Rival academy 779 00:43:46,719 --> 00:43:52,360 Speaker 6: for The they, principled coherent person and unusual For vatican, 780 00:43:52,440 --> 00:44:00,920 Speaker 6: concilier he's absolutely insistent on on the non negotia shapability 781 00:44:00,960 --> 00:44:04,360 Speaker 6: of the. Principles he's released this document and it's exactly 782 00:44:04,480 --> 00:44:07,920 Speaker 6: as you. Say the thesis, is and here's the argument 783 00:44:08,000 --> 00:44:10,279 Speaker 6: without going in on this show in the two Minutes i've, 784 00:44:10,360 --> 00:44:13,800 Speaker 6: got the thesis is, this and it's been rumbling, along 785 00:44:14,000 --> 00:44:17,400 Speaker 6: not just by the Way steve in The francis, pontificate 786 00:44:17,440 --> 00:44:20,479 Speaker 6: but it's basically been rumbling along since The Second Vatican counts. 787 00:44:20,520 --> 00:44:26,480 Speaker 6: Itself the argument is, this that forfeit the ecclesiastical office 788 00:44:26,880 --> 00:44:32,319 Speaker 6: that includes. Popes so If pope D francis has been 789 00:44:32,440 --> 00:44:37,960 Speaker 6: guilty of, heresy either before his, election during his election as, 790 00:44:38,080 --> 00:44:39,799 Speaker 6: pope or, afterwards. 791 00:44:39,440 --> 00:44:41,399 Speaker 1: He immediately forfeits his paper. 792 00:44:41,440 --> 00:44:45,720 Speaker 6: Office that's the, thesis in which case his pontifical acts 793 00:44:46,040 --> 00:44:48,799 Speaker 6: are there for illegitimate because they weren't made by they 794 00:44:48,840 --> 00:44:51,120 Speaker 6: are pound to argue. This we won't go into. Them 795 00:44:51,200 --> 00:44:54,200 Speaker 6: That the important thing is That Professor, zeiffert one of 796 00:44:54,280 --> 00:44:57,719 Speaker 6: the most respective dilogians living on the fact that has 797 00:44:57,840 --> 00:45:03,360 Speaker 6: called on the cardinal specifically Citing Archbishop vigano's research on, 798 00:45:03,520 --> 00:45:07,160 Speaker 6: this and he's caught on The conclave Of cardinals before it. 799 00:45:07,360 --> 00:45:08,160 Speaker 2: Meets as you. 800 00:45:08,160 --> 00:45:11,160 Speaker 6: Said on the seventh Of, mate the thrashout this issue 801 00:45:11,400 --> 00:45:15,200 Speaker 6: Of france is legitimacy because eighty percent of this conclave 802 00:45:15,440 --> 00:45:18,480 Speaker 6: was appointed By. Francis if he is a legitimate his 803 00:45:18,600 --> 00:45:21,880 Speaker 6: appointments are, illegitimate and then those cardinals cannot be voting 804 00:45:21,960 --> 00:45:22,080 Speaker 6: in the. 805 00:45:22,160 --> 00:45:26,200 Speaker 1: Conclave, okay we're going to get join. Tomorrow you were 806 00:45:26,200 --> 00:45:28,279 Speaker 1: tied up doing some research for us this, morning AND 807 00:45:28,360 --> 00:45:30,319 Speaker 1: i appreciate that we're at you back in the. MORNING 808 00:45:30,320 --> 00:45:31,600 Speaker 1: i do want to say one. Thing this is the 809 00:45:31,719 --> 00:45:33,879 Speaker 1: Annual it turns out It's America. WEEK i think it's 810 00:45:33,920 --> 00:45:37,279 Speaker 1: that The Papal foundation meets once a year to go 811 00:45:37,480 --> 00:45:39,959 Speaker 1: and meet all the grandees in The. Vatican just turned 812 00:45:40,000 --> 00:45:44,000 Speaker 1: out That Pope francis passed, away died and then had 813 00:45:44,000 --> 00:45:47,040 Speaker 1: the funeral there there this, Week i'm hearing from sources 814 00:45:47,080 --> 00:45:49,200 Speaker 1: close to some of these cardinals that some of the 815 00:45:49,239 --> 00:45:51,920 Speaker 1: Biggest american don't, say, hey, look you can't give us 816 00:45:51,920 --> 00:45:54,719 Speaker 1: Another francis that we. Do the money from The United 817 00:45:54,719 --> 00:45:56,359 Speaker 1: states is going TO i think it's already dropped fifty. 818 00:45:56,400 --> 00:45:59,320 Speaker 1: Percent it's going to drop. Worse, remember The vatican is 819 00:45:59,360 --> 00:46:01,920 Speaker 1: not bankrupt because they have so many, assets but they 820 00:46:02,000 --> 00:46:06,080 Speaker 1: have a massive liquidity. Crisis they're kind of. Insolvent so 821 00:46:06,200 --> 00:46:08,880 Speaker 1: they need cash, money and that cash money comes from The. 822 00:46:08,920 --> 00:46:12,319 Speaker 1: Americans Ben. Hardnenbrol where do folks? Go we'll delve into 823 00:46:12,400 --> 00:46:15,400 Speaker 1: all this tomorrow morning in. Depth where do folks? Go 824 00:46:15,480 --> 00:46:15,680 Speaker 1: to get? 825 00:46:15,680 --> 00:46:15,880 Speaker 4: You in the? 826 00:46:15,920 --> 00:46:19,520 Speaker 6: Meantime Thanks, steve thanks so much on get to at on, 827 00:46:19,800 --> 00:46:23,920 Speaker 6: well AND i have some particularly provocative posts waiting for 828 00:46:24,000 --> 00:46:26,319 Speaker 6: your poos or folks at the top of my. Feet 829 00:46:26,440 --> 00:46:27,000 Speaker 6: Thanks steve so. 830 00:46:27,120 --> 00:46:27,400 Speaker 1: Much god. 831 00:46:27,440 --> 00:46:27,880 Speaker 4: Blessed catch you. 832 00:46:27,920 --> 00:46:31,640 Speaker 1: Tomorrow very. Provocative remember the conclaves on the, seventh but 833 00:46:31,760 --> 00:46:33,680 Speaker 1: all the deals will be, Cut i'm sure before, then 834 00:46:34,160 --> 00:46:36,440 Speaker 1: and we'll be in the middle of all, that. Folks 835 00:46:38,280 --> 00:46:40,960 Speaker 1: Michael Lindell, tomorrow we're doing five, hours, Okay so first, 836 00:46:41,000 --> 00:46:44,160 Speaker 1: Off Charlie kirk follows Us Jack bisobagat for That Steve. 837 00:46:44,239 --> 00:46:47,239 Speaker 1: Gruber Then Eric bowling will do the hard handover From 838 00:46:47,280 --> 00:46:50,120 Speaker 1: bowling to ourselves back here at five o'clock live. Tomorrow 839 00:46:50,800 --> 00:46:53,200 Speaker 1: Eric bowling will be right here in. Studio we're gonna 840 00:46:53,200 --> 00:46:56,279 Speaker 1: have a five hour special lead above a couple of. 841 00:46:56,360 --> 00:47:00,000 Speaker 1: Hours why Because Steve grueber's going to be Actually grooverer's 842 00:47:00,120 --> 00:47:02,399 Speaker 1: going to be actually the master of. Ceremonies are at 843 00:47:02,920 --> 00:47:06,680 Speaker 1: the rally In michigan and our Own Brian glenn is 844 00:47:06,719 --> 00:47:08,520 Speaker 1: going to be On Air force one going out there 845 00:47:08,560 --> 00:47:11,200 Speaker 1: with The. President so the wallaball, coverage we're going to 846 00:47:11,280 --> 00:47:14,520 Speaker 1: do a couple hours PREGAME uh and THEN uh and 847 00:47:14,600 --> 00:47:17,080 Speaker 1: then we'll do the rally. Itself Mike, lindell you'll be 848 00:47:17,160 --> 00:47:19,839 Speaker 1: In michigan, tomorrow will be interviewing you. Live you also 849 00:47:19,880 --> 00:47:22,520 Speaker 1: be with The president after. That sell me a set 850 00:47:22,560 --> 00:47:26,279 Speaker 1: of sheets before we, uh before we want to. END 851 00:47:26,440 --> 00:47:27,880 Speaker 1: i want to end Up. MONDAY i want to end 852 00:47:27,920 --> 00:47:31,080 Speaker 1: Up monday on an. Uptech give me some sheets right 853 00:47:31,200 --> 00:47:31,520 Speaker 1: right right. 854 00:47:31,600 --> 00:47:34,560 Speaker 3: Now Everybody i'm in's just and this the part of 855 00:47:34,600 --> 00:47:37,920 Speaker 3: it this morning working because you make it a possible warrom. 856 00:47:38,000 --> 00:47:40,719 Speaker 3: Policy so we're going to continue the sale of the 857 00:47:40,800 --> 00:47:44,360 Speaker 3: sheets that we're ear marked for the box. Stores they cancel. 858 00:47:44,400 --> 00:47:49,239 Speaker 3: It the whole. Surprise any, size any, color twenty five 859 00:47:49,320 --> 00:47:51,600 Speaker 3: dollars is. No but you guys get as millions you. 860 00:47:51,640 --> 00:47:54,640 Speaker 3: Want once they're, gone they're. Gone promo code War. Room 861 00:47:54,880 --> 00:47:59,000 Speaker 3: that's the split. Case Cal, Kings king, size queen size doesn't. 862 00:47:59,040 --> 00:48:02,320 Speaker 3: Matter go to the website and scroll down click On. 863 00:48:02,520 --> 00:48:05,160 Speaker 3: Steve you're also going to get our top special as. 864 00:48:05,239 --> 00:48:08,480 Speaker 3: Well as nine ninety. Nine our close out E networks 865 00:48:08,520 --> 00:48:12,840 Speaker 3: front and the mine crosses Is state. Thirty or you 866 00:48:12,880 --> 00:48:15,919 Speaker 3: can call eight hundred and eight down three one zero six. 867 00:48:16,080 --> 00:48:19,160 Speaker 3: Two i'm not member moms and dads working from home 868 00:48:19,239 --> 00:48:22,600 Speaker 3: across the. Country on zero six, Two i'm not member 869 00:48:22,680 --> 00:48:25,719 Speaker 3: moms and dads working from home across the. Country so 870 00:48:25,840 --> 00:48:26,880 Speaker 3: when you guys here. 871 00:48:26,760 --> 00:48:27,840 Speaker 1: That my, pillow that. 872 00:48:27,840 --> 00:48:31,480 Speaker 3: They're attacking and, attacking that part's. True but we're not going, Anywhere, 873 00:48:31,560 --> 00:48:34,480 Speaker 3: Steve we're not going Any we're promo Code, warworm the 874 00:48:34,600 --> 00:48:36,640 Speaker 3: best promo code in, history. 875 00:48:37,360 --> 00:48:40,040 Speaker 1: My pillow dot com promo Co. Worm keep that factory 876 00:48:40,120 --> 00:48:43,960 Speaker 1: floor full Of american citizens working hard every. Day Mike, 877 00:48:44,080 --> 00:48:48,640 Speaker 1: ndell you're a great. Patriot garments the right stuff takes us. 878 00:48:48,680 --> 00:48:52,479 Speaker 1: OUT a classic, book a magnificent, film An Academy award winning. 879 00:48:52,600 --> 00:48:54,840 Speaker 1: Score we'll see him back here at five o'clock a